HA NOI – Economic restructuring, market stabilisation, administrative reform and social welfare will be top State priorities in the years to come, according to Prime Minister Nguyen Tan Dung to development partners in Ha Noi today.
Addressing the annual Consultative Group (CG) Meeting for Donors 2011, entitled "Accelerating Economic Restructuring and Poverty reduction", Dung said that Viet Nam would maintain its 6 per cent growth rate in 2012 to stabilise the macro economy.
"The country will additionally focus on public investment, State-owned enterprise (SOEs), banking, trade sector and financial policy restructuring," he added.
Highlighting positive changes in the local macro economy, Dung confirmed that inflation had been controlled while prices decreased during the last six months.
"Statistics show that we will be able to keep inflation at 9 per cent in 2012," he said, adding "Viet Nam will continue this trend to stabilise the market."
The PM praised the country's efforts in reducing surplus imports over exports with 2011 turnover at over 30 per cent.
"State budget overspend came in at 4.9 per cent, less than the predicted 5.3 per cent," Dung confirmed, saying, "We will continue to reduce the rate in 2012."
Regarding social affairs, the PM said that the number of poor families had been successfully reduced while some 1.6 million jobs had been created.
"We will always aim to keep economic growth in harmony with social welfare and environmental protection," Dung stressed.
He pledged to continue market economy mechanism and integration reform for purposes of transparency and fighting corruption.
"Viet Nam appreciates international help and pledges to effectively implement ODA projects in 2012," Dung said.
Speaking at the meeting, World Bank Country Director Victoria Kwakwa blamed the Eurozone crisis and weak US economy for less promising prospects for global growth in 2012.
"Trade in Viet Nam represents over 150 per cent of GDP, with exports to the US and Eurozone averaging around 37 per cent of total exports during the past five years," Kwakwa said, adding "The current volatile external environment will have direct and indirect effects on trade and investment."
"Viet Nam needs to position itself to be amongst those countries that survive or even better, those economies that thrive and are able to take full advantage of any opportunities from the current context."
She noted that the Government's implementation of its stabilisation programme (Resolution 11) in February alongside the Communist Party's determination in restructuring public investment, SOEs and the financial sector were among key steps in stabilising the economy.
"What is needed next is strong political will that will bring a strong sense of urgency to concretising the details of this restructuring and driving implementation in a credible way," she said.
"It would be much easier for Viet Nam to pursue its restructuring agenda now than have to restructure after it is hit by a crisis." – VNS
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